The number of cards with a debit function in Mexico stood at 164.77 million units in 2023, demonstrating a 1.6% year-on-year variation from 2022. Over the last five years, the market experienced a Compound Annual Growth Rate (CAGR) of 1.4%. While fluctuating over the past decade, the number notably declined by 15.51% in 2020 but saw a significant recovery of 28.69% in 2021. From 2023 onwards, forecasts suggest a moderate growth rate, projecting a CAGR of 1.23% from 2024 to 2028, indicating resilience and continued adoption in the market.
Future trends to watch for:
- Increased digital banking and financial inclusion initiatives are likely to drive up the number of debit cards.
- Technological advancements, such as contactless payments, may boost the attractiveness and usage of debit cards.
- Regulatory changes and economic conditions could impact consumer behavior and the issuance of new cards.